Donald Trump big beautiful payback

The West Australian02-17

Donald Trump knows well that American voters tend not to reward subtlety. But in one respect the president, during his first term in office, managed to hide his light under a bushel. Republicans often...

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Republicans often...</p>\n\n<a href=\"https://thewest.com.au/business/the-economist/the-economist-donald-trump-big-beautiful-payback-as-he-schemes-to-juice-the-economy-c-21663005\">Source Link</a>\n\n</div>\n","source":"thewest_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Donald Trump big beautiful payback</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDonald Trump big beautiful payback\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-17 02:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://thewest.com.au/business/the-economist/the-economist-donald-trump-big-beautiful-payback-as-he-schemes-to-juice-the-economy-c-21663005><strong>The West Australian</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Donald Trump knows well that American voters tend not to reward subtlety. But in one respect the president, during his first term in office, managed to hide his light under a bushel. Republicans often...</p>\n\n<a href=\"https://thewest.com.au/business/the-economist/the-economist-donald-trump-big-beautiful-payback-as-he-schemes-to-juice-the-economy-c-21663005\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IRS","symbol_name":"IRSA Inversiones y Representacio","start_time":0,"source_url":"https://thewest.com.au/business/the-economist/the-economist-donald-trump-big-beautiful-payback-as-he-schemes-to-juice-the-economy-c-21663005","article_id":"2612393294","we_media_id":null,"thumbnails":["https://images.thewest.com.au/publication/C-21663005/b02c8e08f5b6a2b319855a627d03950d2ef108ca.jpg"],"rights":{"source":"thewest_stock","url":"https://thewest.com.au/business/the-economist/the-economist-donald-trump-big-beautiful-payback-as-he-schemes-to-juice-the-economy-c-21663005","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2612393294","pubTimestamp":1771267436,"columns":[],"sourceInfo":{"source_id":"thewest_stock","name":"The West Australian"},"weMediaInfo":null,"summary":"  ","collect":0,"end_time":0,"defaultTopTitle":"thewest.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"IRS":"IRSA Inversiones y Representacio","BK4205":"房地产经营公司","BK4233":"房地产运营公司"},"translate_title":"唐纳德·特朗普巨大而美丽的回报","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IRS":1},"content_text":"Donald Trump knows well that American voters tend not to reward subtlety. But in one respect the president, during his first term in office, managed to hide his light under a bushel. Republicans often gripe that the bumper tax cuts they implemented then did little to prevent an electoral drubbing at the midterms in 2018.This was because, though cumulatively large, the tax cuts arrived in dribs and drabs, and voters barely seemed to notice. Again and again, Republicans insisted that “the proof is in the pay cheque”, to little avail.Even Paul Ryan, then speaker of the House of Representatives and a chief architect of the cuts, failed to communicate their scale: he found himself pointing to piddling tweaks that would barely have covered a year’s membership at Costco, a popular superstore.Republicans are determined not to repeat this mistake. With the president’s approval ratings looking dismal and unpopular cuts to healthcare and welfare spending on their way, they face an uphill battle to retain control of the House of Representatives in November’s midterm elections. On the other side of the ledger, however, they can point to a series of tax cuts set to arrive not gradually, but in one giant slug.Americans can expect jumbo-sized refund cheques after the tax-filing season wraps up in April. The average taxpayer in 2026 will get $US3800 ($5380) back from the government, compared with $US3000 over the past two filing seasons, estimates the Tax Foundation, a think-tank. On top of that will be plenty of headline-grabbers such as “no tax on tips” and “no tax on overtime”.Even these are just the most visible side of the White House’s efforts to juice the economy and make Americans feel richer. Beyond the bazooka of the One Big Beautiful Bill Act, Mr Trump has an array of subtler weapons. They are not conventional stimulus measures, and are certainly not targeted at the neediest. Instead, these backdoor efforts to dump more cash into the economy will reward a handful of Mr Trump’s favoured constituencies.Camera IconTaxing times for Trump. Credit: The EconomistMost dramatic is the decision to gut the tax-enforcing powers of the Internal Revenue Service (IRS). Joe Biden increased the agency’s staff by 20,000 during his presidency, which helped swell tax revenues. Mr Trump has now reversed that. As a result, those who attempt to fiddle their taxes are more likely to get away with it.In a paper published in 2025, Nathaniel Hendren of the Massachusetts Institute of Technology and his co-authors estimated that $1 spent improving the IRS’s capacity to audit richer taxpayers yielded $12 in extra tax revenue.The additional revenue that Mr Biden’s hiring spree might have gathered has now been forfeited. And chaos at the IRS might harm collections even more. A recent report by the inspector-general painted a hair-raising picture: lay-offs and the government shutdown in October and November had disrupted the agency, leaving it severely behind with preparations for the 2026 filing season. Backlogs of unprocessed tax returns have worsened. Hiring for filing season is well behind schedule. Research by the Yale Budget Lab estimates that the effect of 22,000 lay-offs at the IRS will be to lower revenues by around $US10 billion this year and $US20 billion by 2029.In a roundabout way, all this will put more money in Americans’ pockets — or at least those of people who are unscrupulous in their tax affairs. Members of this group tend to be wealthy, with the sorts of complicated tax returns that enable chicanery and the resources to exploit lax enforcement. The richest 5 per cent of people are responsible for about half of all unpaid taxes, estimates the Yale Budget Lab.Mr Trump’s administration is also taking aim at the regulations which determine how taxes are applied. In doing so it has given companies plenty of opportunities to pay less tax. The scope of levies on share buybacks has been narrowed, and attempts to crack down on the use of complicated (and tax-avoiding) partnership structures have been rolled back.The Treasury Department has also nullified the Corporate Transparency Act, a law intended to make the workings of shell corporations more visible. Collectively, these changes could result in companies paying, at minimum, tens of billions of dollars less in tax over the next decade. Many of the biggest beneficiaries will be firms that already strain against legal boundaries in order to lower their tax bills.7Camera IconFormer Federal Reserve governor Kevin Warsh is Donald Trump's pick to be the next Fed chair. Credit: AAPThe money they save will hit the economy, in a fashion. Lower tax revenues will mean a wider government deficit, and therefore more net spending being ploughed into America’s economy, even if tax breaks for firms and wealthy individuals do not raise aggregate spending as much as giveaways to less well-off taxpayers. That might contribute to a pre-election sugar rush and, eventually, a nasty inflationary hangover.With some of Mr Trump’s other policies — such as raising trade barriers and choking off immigration—constraining the economy’s supply side, stoking demand at the same time is especially dangerous. It will be all the more so if Kevin Warsh, Mr Trump’s nominee for chair of the Federal Reserve, persuades his fellow rate-setters to ease monetary policy.A final boost to Mr Trump’s stimulus efforts might come from an unexpected quarter. The Supreme Court will soon rule on whether the “reciprocal” tariffs imposed on other countries by Mr Trump, using emergency powers, were unlawful.If the court rules against the president, it is possible that the bulk of the past year’s new tariff revenues, amounting to more than $US100 billion (0.3 per cent of America’s GDP), will have to be refunded. That cash would again land in the bank accounts of companies, not people, and so probably raise spending only gradually.Still, it would be a welcome silver lining for the president—even if it did involve his signature policy being struck down.BusinessCommentsWhy our economy is facing its weakest time since the 1990sStephen JohnsonBusinessComments‘Inflation hawk’ set to run the world’s most important bankThe Economist","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2612393294","isCrawlerRequest":true}